If you find yourself out of work or facing reduced hours, you may be looking for ways to make money on the side through a temporary or part-time gig. You might want something related to your line of work – like freelance services for writing or graphic design. You might also look to capitalize on a unique talent or hobby – for example, a gardener who sells their produce at farmers markets. The best way to get started is to make an inventory of your interests and your specific marketable skills and begin looking for opportunities that fit your needs. Wealth Ideas understands how important it is to find ways to make ends meet, and we hope the following ideas can help.
Building On Your Profession
If you typically hold a professional job, you may be able to find freelance opportunities in your industry. This typically takes the form of consulting or assignment work. You might find leads by networking through professional associations or tapping current or former colleagues or bosses for contacts and recommendations. Friends, family and social media are other avenues to look to for part-time or temporary opportunities, even if it just involves spreading the word about your availability. Price yourself accordingly for the roles that come your way by scoping out typical consulting fees for your line of work.
Gig And Temp Work
If consulting isn’t a good match for you, the gig economy provides a wide range of options for people looking to earn a little income on the side. Rideshare, food delivery, being a personal assistant or errand runner, and seasonal work are all flexible opportunities that can be found in most metropolitan areas. Search online employment boards in the gig or part-time categories or “work from home” sections. You might also visit an employment or temporary placement agency to find something with the pay and hours that fit your specific needs. If you live in a rural area with more limited options, look into roles like being a farm hand, substitute teacher or youth team sports coach.
After doing a bit of freelance or gig work, you may find that you enjoy the flexibility and freedom that comes with being self-employed. If it looks like you have the potential to parlay your part-time or temporary work into a small business, examine the market to see how in-demand your particular product or service is and take steps toward legitimizing your operation. According to the U.S. Small Business Administration, this typically means securing a business license and choosing a business structure, like a limited liability company. An LLC can help protect you from a legal standpoint. You can hire an attorney to help process this type of paperwork or employ the services of an online formation company to do the work for you. All states have different regulations, so visit your secretary of state’s office to learn about requirements before you get started.
Once you have a business structure in place, you’ll need to market yourself accordingly. This will vary based on the type of product or service you’re offering, but traditional promotional approaches include identifying your target demographic and exploring advertising and marketing vehicles that reach your potential customers. According to the U.S. Internal Revenue Service, regardless of whether you’re running a small business or working as an independent contractor, you’ll need to pay taxes on the money you make. Good record keeping is essential to deducting all of your qualifying business-related expenses when you file your taxes.
While being out of work, even temporarily, is a challenge, it also presents an opportunity to stretch your wings, look at different avenues of employment, and possibly even become your own small business owner. Advanced research and preparation can help ensure whichever path you take will be productive and profitable.
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